Anirudh Devgan Sells 20,000 Shares of Cadence Design Systems (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 20,000 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the sale, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. This trade represents a 9.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Anirudh Devgan also recently made the following trade(s):

• On Wednesday, November 5th, Anirudh Devgan sold 5,550 shares of Cadence Design Systems stock. The stock was sold at an average price of $327.80, for a total value of $1,819,290.00.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $338.06 on Thursday. The company has a market capitalization of $92.02 billion, a P/E ratio of 87.13, a PEG ratio of 4.31 and a beta of 1.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The stock has a 50 day moving average price of $327.63 and a two-hundred day moving average price of $330.19.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $1.64 earnings per share. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. Analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Cadence Design Systems during the second quarter valued at $1,190,618,000. Nuveen LLC purchased a new stake in shares of Cadence Design Systems in the first quarter worth $289,744,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Cadence Design Systems by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after acquiring an additional 731,788 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cadence Design Systems by 466.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker’s stock worth $242,468,000 after purchasing an additional 647,931 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in Cadence Design Systems by 914.2% in the 3rd quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock worth $242,746,000 after purchasing an additional 622,934 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Design Systems in a report on Monday. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Wolfe Research restated an “outperform” rating and set a $385.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Citigroup initiated coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 price target on the stock. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $379.11.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.